Court orders final forfeiture of $2m, properties linked to Emefiele

The court has ordered the final forfeiture of assets tied to Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN). These assets include $2.045 million, seven properties, and share certificates of Queensdorf Global Fund Limited Trust.

This was revealed in a statement signed by Dele Oyewale, Head of Media and Publicity for the Economic and Financial Crimes Commission (EFCC) in Abuja.

The order followed a motion filed by Rotimi Oyedepo, Senior Advocate of Nigeria (SAN) on behalf of the EFCC before Dehinde Dipeolu, Justice of the Federal High Court in Ikoyi, Lagos on Friday

The properties listed in the court order included two identical fully detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land parcel measuring approximately 1,919.592 square meters on Oyinkan Abayomi Drive in Ikoyi; a bungalow at 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex on Probyn Road, Ikoyi.

Other properties included an industrial complex on 22 plots of land in Agbor, Delta State; eight apartment units on a plot at Adekunle Lawal Road, Ikoyi; and a full duplex with appurtenances at Bank Road, Ikoyi.

According to Oyewale, the case traced back to an initial ruling by  Akintayo Aluko, a vacation judge, who ordered interim forfeiture of the properties on August 15, 2024.

“The order was based on an ex parte application filed by C.C. Okezie, EFCC lawyer. “The court instructed the EFCC to publicize the interim order in newspapers and on its website, allowing any interested parties a 14-day window to contest the forfeiture.

“However, Emefiele did not challenge the interim forfeiture within the stipulated period”, he added.

Justice Dipeolu, upon reviewing the submissions, concluded that Emefiele failed to establish any legal link between his earnings—whether from his time at Zenith Bank or as CBN Governor—and the acquisition of these assets.

The judge noted Emefiele’s inability to provide ownership documentation, stating that “there must be something dark about the acquisition of the properties which Emefiele and the companies do not want to come to light.”

The court therefore ruled that the properties and assets be permanently forfeited to the Federal Government of Nigeria, given the suspicion they were acquired through unlawful means.